Markets cheer RBI rate cut, Nifty eyes 25,000
Indian benchmark indices rebounded after RBI slashed repo rates by 50 basis points and cash reserve ratio by 100 basis points. Nifty 50 index tested the 25,000 mark while Nifty Bank index surged 1.5%. Analyst Varunkumar Patel expects Nifty Bank index to hit 58,000 within 10 days.